When will the government bail us out?
It seems that lately, banks, mortgage companies and other finanacial institutions are going down and the government is there to help. Why? Because these companies lent money to people who in no way could pay back what they borrowed. But it is not only the problem of the homeowner, the banks knew what risks there were.
With the average American struggling with the cost of food, gas and other daily issues how much more can we afford? Why is it our responsibility to fix the problems of others? In the end, we will end up paying for it all. Would they bail out my small business if it was struggling? I don't think so.
The Bush administration has put together a $700 billion dollar plan to back banks, credit unions, mortgage companies, etc to get the markets back in shape. However, they think it is something we can accomplish quickly. To me, this cannot be done overnight or during a weekend. That has been our problem all along. When issues arise, we patch it up instead of fixing it for good.
We will continue to see depression like days as long as we continue the old ways of doing things. Rush into the future and see where it gets us. We need to slow down, arrange and organize our world so that we can develop a strategy that will stand the test of time.
Posted by scott at 11:23AM in politics
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Warren Buffet called the impending doom "An Economic Pearl Harbor" if congress does not get the bill passed. As hard as this is to swallow, I am scared of the consequences we may face if the bill is not passed. I wished someone would map it all for me instead of just saying we'd have another Great Depression where your money is worthless and more than 10% of the nation is unemployed and homeless.
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